Kisan Vikas Patra Benefits: Saving is very important, because this is the thing that is most useful to you in times of trouble. That is why everyone is told to invest in something or the other, most people constantly invest some part of their earnings. Due to which they get manifold money after many years. Today we are telling you about one such scheme, in which you get double your money.
Post Office Saving Scheme
Actually, this is not a chit fund scheme, but a scheme with government backing, which many people are taking advantage of. This scheme was started on post office accounts. The name of this scheme is Kisan Vikas Patra (KVP). This scheme is a small savings scheme with a fixed rate, which has been designed to promote long-term investment and savings among the people.
You get assured returns
If you are afraid of investing in any other savings scheme or do not take risk, then this scheme is best for you. In this scheme you get assured returns and there is no risk. Now you can buy Kisan Vikas Patra from post office as well as public sector banks. In this you can invest a minimum of one thousand rupees.
How does money double?
When you take Kisan Vikas Patra, your tenure is decided according to the interest rate prevailing at that time. In which it is seen that after how much time the value of your money will double. At present the interest rate is 7.5 percent, so you will have to invest for 9 years and seven months. That means after this time you will get double your money.
Its interest rate is revised every quarter, however, if you have taken Vikas Patra earlier then it will not have any effect on your tenure. If you need money earlier, you can make premature withdrawal after two years and 6 months. However, you get less benefit in this.
(Disclaimer: ABP is not advising to invest in any scheme. Before investing in any scheme, please research about it.)
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